Whenever the question about whether or not buying a home stands, the question about finance rises along with it. Buying a home is considered as the biggest financial investment. Hence, people tend to choose something that is more affordable. While the price of an affordable home can be tempting, as a buyer it is important to examine the challenges associated with such projects.
The demand for affordable housing is very high in India. The buyer can face the challenge of timely delivery of the residency which still remains a test to be cleared. A buyer must be thorough with the market trends which will be helpful to overcome the hurdles in the journey of home buying. There are many sources online that provide homebuying guides for the first time buyers.
One of the major drawbacks in affordable homes is that they are located in areas which are far from the major cities to where people mostly go for work. Buying a home in such places can add to the commuting time leaving the buyer with a stressed life. These points are very important and should be kept in mind at the time of buying an affordable home. This is the reason why the involvement in these projects is much lower even though the demand may seem higher.
According to the recent rate cut by RBI, the term affordable has got more importance and is giving a clear indication for the homebuyers to convert into homeowners. This rate cut will certainly lower the interest rates charged by the banks on home loans which in turn will reduce the number of monthly instalments.
The current situation shows the signs of a buyer’s market. So the prospective buyer is eligible to bargain for a lower price and extra discounts. This trend can be seen across multiple cities where the inventory is sufficient enough to meet the demands of the buyers but the buying indication from the buyer is low.
The initiatives from our government are a form of encouragement for the people in order to promote home buying. Other provisions such as HomeCapital’s Down Payment Assistance Program is also another way for people to buy their dream home early in life rather than waiting for years to accumulate savings.